How Digital Twins Are Transforming Industries

Benefits of Digital Twins

Digital twins enhance productivity, reduce costs, and drive digital transformation, as highlighted by IBM. PTC emphasizes that digital threads, integral to digital twins, are crucial for enabling digital transformation and improving CAD processes.

"What we are going to do is pivot into the areas around helping people become more productive, take more cost out, digital transformation, work with our partners where there is very strong demand in the market." --- (IBM, earning call, 2024/Q1)

"It’s true: A digital thread is an essential enabler of digital transformation." --- (PTC, twitter, 2024/06/18)

"So, there's a level of customers seeing the digital thread and having PTC be part of that, that's helping I think the CAD piece." --- (PTC, earning call, 2024/Q2)

Challenges in Implementing Digital Twins

Implementing digital twins faces several challenges, including the need for a mindset shift and efficient resource allocation (GOOG), overcoming a difficult selling environment (PTC), ensuring well-organized and cloud-based data (MSFT), and addressing supply chain issues (GE). IBM's Technology Expert Labs aims to mitigate these risks by providing expert guidance.

"In terms of the challenges, I think making sure, I think we are constantly, I think it's been a mindset shift which we've been driving across the company to make sure that we are embracing this opportunity, but being very efficient in how we are approaching it, making sure we are redirecting our people to the highest priorities across the company, building on our 20 years of experience and driving machine efficiencies year-on-year so that we can put our dollars to work as efficiently as possible." --- (GOOG, earning call, 2024/Q1)

"That's the area we continue to work through. To be clear, we continue to do well around securing those, but those are the areas by which the challenge in selling environment really impacts us the most." --- (PTC, earning call, 2024/Q2)

"The Technology Expert Labs can help address some of the challenges as it will comprise of a team of technical experts who will advise, architect, and deploy outcome-based client engagements that deliver value (or real return on investment) while minimizing implementation risks." --- (IBM, press release, 2024/04/30)

"But if the data is not well organized, if it's not modern, if it's not in the cloud, there's going to be some challenges there as well. Maybe just following up on data, we keep hearing" --- (MSFT, conference, 2024/05/29)

"We'll leave it to Dave and Brian to speak to the details tomorrow. I think as we look forward, not only with that engine, but others, the supply chain challenge that we've touched on in prior calls continues to be relevant." --- (GE, earning call, 2024/Q1)

Digital Twins in Manufacturing

Digital twins in manufacturing are driving significant growth opportunities, with companies like Honeywell and Rockwell Automation highlighting their role in predictive maintenance and factory emulation. Emerson's investment in manufacturing execution solutions further underscores the industry's commitment to leveraging digital twins for enhanced flexibility and efficiency.

"We believe that there are strong opportunities in this fast-growing digital twins and predictive maintenance market." --- (HON, press release, 2024/04/22)

"Before the project is announced, there's a lot of work on designing digital twin, digital services, working with ETCs and E and C companies." --- (ROK, conference, 2024/06/11)

"Users now have additional flexibility to match digital recipe solutions to their business needs, underscoring Emerson's commitment to continuing enhancement of and investment in a portfolio of manufacturing execution solutions for organizations at any scale." --- (EMR, press release, 2024/04/16)

"The global digital twins and predictive maintenance market was valued at US$23.8 billion in 2023 and is projected to grow at a CAGR of 46.3% during the forecast period 2024-2034." --- (HON, press release, 2024/04/22)

"So we're engaged much earlier in that sales cycle. I think we're gaining share of wallet because we are helping them digitally emulate what that factory is going to look like, make their decisions maybe before they spend the money like we were saying earlier that digital upfront consulting standpoint, work with them the cyber decisions before we even get into the contents of that factory." --- (ROK, conference, 2024/05/08)

Digital Twins in Healthcare

ResMed's extensive investments in digital health technology, leveraging 18 billion nights of medical data and 24.5 million cloud-connectable devices, position it as a leader in creating digital twins in healthcare. Their solutions have improved over 174 million lives, demonstrating the transformative potential of digital twins in personalized patient care.

"Let’s pivot now to talk about our digital health technology investments, leveraging our 18 billion nights of de-identified medical data in the cloud and our 24.5 100% cloud-connectable devices that are out there in our ecosystem across 140 countries." --- (RMD, earning call, 2024/Q3)

"During the last 12 months, we have improved over 174 million lives by delivering a medical device directly to a patient, a complete mask system to a patient or a digital health software solution that provides personal care for a patient right where they live." --- (RMD, earning call, 2024/Q3)

"ResMed is the global leader in digital health solutions with over 18 billion nights of medical data in the cloud and over 24.5 million 100% cloud-connectable medical devices that have been sold into over 140 countries worldwide." --- (RMD, earning call, 2024/Q3)